Company No:
Contents
Note | 31.07.2021 | 31.07.2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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125,887 | 122,663 | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand | 6 |
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274,791 | 192,955 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
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Net current assets | 162,468 | 144,443 | ||
Total assets less current liabilities | 288,355 | 267,106 | ||
Creditors | ||||
Amounts falling due after more than one year | 8 | (
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Provisions for liabilities | 9, 10 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 11 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Angus Optix Limited (registered number:
Pamela Kathryn Robertson
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Angus Optix Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 153-155 East High Street, Forfar, DD8 2EQ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Land and buildings |
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Plant and machinery | 20 -
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Other property, plant and equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balances sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Derivative financial instruments
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in {#profit} or {#loss} depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
31.07.2021 | 31.07.2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Plant and machinery | Other property, plant and equipment |
Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 August 2020 |
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Additions |
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At 31 July 2021 |
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Accumulated depreciation | |||||||
At 01 August 2020 |
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Charge for the financial year |
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At 31 July 2021 |
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Net book value | |||||||
At 31 July 2021 |
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At 31 July 2020 |
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Other investments | Total | ||
£ | £ | ||
Carrying value before impairment | |||
At 01 August 2020 |
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At 31 July 2021 |
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Provisions for impairment | |||
At 01 August 2020 |
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At 31 July 2021 |
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Carrying value at 31 July 2021 |
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Carrying value at 31 July 2020 |
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31.07.2021 | 31.07.2020 | ||
£ | £ | ||
Other debtors |
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31.07.2021 | 31.07.2020 | ||
£ | £ | ||
Cash at bank and in hand |
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31.07.2021 | 31.07.2020 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other creditors |
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Corporation tax |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts (secured) |
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31.07.2021 | 31.07.2020 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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12,746 | 67,524 |
31.07.2021 | 31.07.2020 | ||
£ | £ | ||
Deferred tax |
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Deferred taxation | Total | ||
£ | £ | ||
At 01 August 2020 |
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6,822 | |
Charged to the Profit and Loss Account |
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1,145 | |
At 31 July 2021 |
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7,967 | |
Deferred tax
31.07.2021 | 31.07.2020 | ||
£ | £ | ||
Other timing differences |
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Provision for deferred tax |
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31.07.2021 | 31.07.2020 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Profit and Loss Account | (
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At the end of financial year | (
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31.07.2021 | 31.07.2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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100 | 100 |